India considering currency swaps with other countries-TV

Source : REUTERS
Last Updated: Tue, Aug 27, 2013 10:09 hrs
An employee counts Indian currency notes at a cash counter inside a bank in Kolkata

India is considering currency swaps with other countries, TV channels Bloomberg TV and CNBC-TV 18 reported on Tuesday, citing senior government officials.

Bloomberg TV said India would set up a task force to look into setting up currency swaps, citing Commerce Minister Anand Sharma. CNBC-TV 18 reported India was considering the swaps with trading partners, citing Trade Secretary S. R. Rao.

The rupee fell to a record low of 66.075 to the dollar earlier on Tuesday, while shares slumped after parliament's approval of a $20 billion plan to provide cheap grain to the poor renewed doubts about the government's resolve to control spending ahead of elections due next year.

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